The regulatory pace slowed again this week, with just $152 million in total burdens. Annual costs were $131 million, with no quantified benefits. Despite the slow week, however, paperwork accelerated by 2.5 million hours. The Department of Interior’s (Interior) “Stream Protection Rule” led all rulemakings in costs and paperwork.
Bill de Blasio’s recent attempt to scuttle Uber’s growth in favor of incumbent taxis and “traffic management” is just the first public foray in the battle against the emerging “gig” economy. At all levels, regulators are planning a barrage of measures aiming to limit independent contractors and elevate the traditional employer-employee relationship. If the de Blasio fiasco has taught policymakers anything, it’s that the gig economy won’t be regulated out of existence.
After a record-setting week, regulators cooled down a bit and imposed just $562 million in regulatory burdens. Annualized costs were $300 million, compared to $9.7 million in benefits; paperwork hours accelerated by 2.5 million. A Department of Defense (DOD) rule concerning consumer credit led the week.
Full speed ahead. Regulators published more than $34.5 billion in regulatory burdens this week, taking the nation beyond $132 billion in costs for 2015. To put that figure in perspective, that’s $413 for every person in the U.S.
Full transparency at OIRA remains elusive. Unified agendas and reports to Congress are often late, if published at all, and there is strong evidence that the administration hides data on unfunded mandates and fails to comply with the Congressional Review Act.
Dodd-Frank has imposed more than $24 billion in final rule costs and 61 million paperwork burden hours. From a housing market still experiencing mediocre growth, to an uneven labor picture, it’s clear the law has fundamentally altered capital markets and added layers of complexity for consumers and financial institutions.
The Department of Labor (DOL) is rolling out a new rulemaking that will extend overtime pay requirements to previously-uncovered groups of employees. Under the Fair Labor Standards Act (FLSA), DOL can exempt “executive, administrative, professional, outside sales, and computer employees” above a certain wage level from FLSA’s overtime requirements.
Regulators wasted no time emerging from the July 4 holiday by publishing more than $2.1 billion in costs. Annualized burdens were $389 million, compared to $182 million in benefits; paperwork accelerated by 1.4 million hours. The administration’s proposal expanding overtime led the week. The current regulatory burden for the year stands just $1.8 billion away from the $100 billion threshold.
Recently, the Environmental Protection Agency (EPA) released its second round of greenhouse gas (GHG) standards for heavy-duty engines and trucks. The $30 billion regulation comes on the heels of a 2011 regulation that also addressed fuel efficiency and imposed $8.1 billion in long-term costs. EPA’s patchwork of GHG rules under the Clean Air Act is quickly growing into a regulatory behemoth.
Thanks to the infamous “Waters of the United States” (WOTUS) rule from EPA, regulatory costs increased by more than $500 million. Annualized burdens were $497 million, with no benefit figures, and just 707 paperwork burden hours.
In eight years in office, President Bush finalized 496 major regulations. In less than six and a half years, President Obama’s regulators managed to surpass that total, issuing their 500th major regulation this week. The combined cost of major regulations from 2009 to present is a whopping $625 billion.
Some congratulations are in order for the Obama Administration. They have issued 500 “major” regulations at a pace that would make Dale Earnhardt Jr. blush. At that pace, the administration has averaged about one “major” regulation every work week. Tallying up all of the regulations with annual costs of over $100 million, the Obama Administration’s “major” regulations will cost more than $625 billion.
After two weeks of more than $25 billion in regulatory burdens, regulators took a week off, imposing just $40 million in burdens while cutting almost 500,000 paperwork hours. Annualized costs were $40 million, compared to $402 million in benefits. A rule on motor vehicle safety led the week.
As the Supreme Court puts the finishing touches on its opinion in King v. Burwell, which will decide the fate of Affordable Care Act (ACA) subsidies and key portions of the law, many might be curious to know what’s left of ACA implementation. According to American Action Forum (AAF) research, there are more than $700 million in total regulatory costs remaining and 8.3 million paperwork burden hours.
A regulatory budget is sorely misunderstood, especially by progressives, who view it has a radical attempt to tear down public protections. Below are a few “myths and facts” about a regulatory budget and the practical implications of adopting it nationwide.